Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Canoo shares double following Walmart order, ReNew becomes first Indian renewable energy company to refinance dollar-denominated bonds, and Getaround brings contactless carsharing to NYC
Canoo Shares Double on Walmart Order for 4,500 Electric Vans
Canoo Inc. (NASDAQ:GOEV) shares doubled in value after the struggling electric-vehicle startup won an order for 4,500 vans from Walmart Inc.
The deal announced in a statement Tuesday is a boon to Canoo, which ended the first quarter with just $105 million in cash. The company recently moved its headquarters to Walmart’s hometown of Bentonville, Arkansas, and warned in May of substantial doubt about its ability to continue as a going concern.
Canoo shares jumped $2.45 to $4.84 at 9:35 a.m. in New York, valuing the company at about $1.2 billion. Its market capitalization is still down from about $4.8 billion in late 2020, when the startup went public by merging with a special purpose acquisition company.
READReNew Becomes First Indian Renewable Energy Company To Refinance Dollar-Denominated Bonds
ReNew Energy Global plc (‘ReNew’ or ‘the Company’) (NASDAQ: RNW) (NASDAQ: RNWWW), India’s leading renewable energy company, announced today that it has successfully refinanced its 2024 maturity dollar-denominated bonds with amortising project debt from an Indian nonbank financial company, becoming the first Indian renewable energy company to do so.
ReNew issued bonds (‘RPVIN 6.67% 24s’ or ‘Bonds’) worth US$ 525 million in 2019, which were set to mature in 2024. By refinancing the dollar-denominated bonds ahead of time, ReNew has shown strong and continued access to domestic debt capital, as well as an ability to proactively manage refinancing risk.
RMG Acquisition Corporation II completed its business combination with ReNew Power Private Ltd. last summer on August 16, 2021.
READGetaround Brings Contactless Carsharing to New York City
Getaround, the world’s leading digital peer-to-peer carsharing marketplace, today announced that the groundbreaking Peer-to-Peer Car Sharing Program Act will now allow the platform to be widely available for all New Yorkers. At today’s press conference, city and state representatives, including Lincoln Restler, Andrew Gounardes and Carlina Rivera spoke alongside Getaround executives to share how this shift will enable New York residents to access a convenient, contactless, sustainable, and affordable mobility solution via carsharing.
On May 11, 2022, Getaround announced its entry into a definitive business combination agreement with InterPrivate II Acquisition Corp. (NYSE: IPVA).
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Terms Tracker for the Week Ending November 29, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This was a shortened holiday week, but SPACs still managed to put through a number of filings, which should usher in a busy first half...
Range Capital Acqusition Corp. (NASDAQ:RANGU) has filed to launch a $100 million SPAC with a broad approach, but with expertise in natural resources. The vehicle becomes the fourth SPAC that underwriter EarlyBirdCapital has put its name on so far this year, but it bears some different features than the rest of its 2024 slate. EarlyBirdCapital...
This holiday season is set to be an exciting one in the SPAC world as 10 sponsors and 11 de-SPAC’d companies can expect the gift of a lock-up expiration to mark it with. This makes it the busiest month for such activity in the second half of the year and at least a few parties...
At the SPAC of Dawn For Black Friday’s truncated trading session today, the broader action is likely to be focused on consumer stocks as investors gauge the scope of this year’s holiday spending surge. But, much of this will pass right by SPACs, because consumer has been a sector that has stymied teams more often...
At the SPAC of Dawn Among target sectors, edtech is one that SPACs have done a fair amount of sniffing around without a clear, signature success. On one hand, the four SPAC deals that have been completed in the space dating back to 2020 trade roughly in line with the median share price of all...